Direction to preserve company assets prevents disposal without prior tribunal approval during revival or scheme consideration. The Tribunal may direct a sick industrial company not to dispose of any assets except with prior Tribunal approval when it considers such a direction necessary in the interest of the company, creditors, shareholders, or the public; this restriction applies during the inquiry under section 424B and during preparation or consideration of a scheme under section 424C to preserve the company's assets while revival processes proceed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Direction to preserve company assets prevents disposal without prior tribunal approval during revival or scheme consideration.
The Tribunal may direct a sick industrial company not to dispose of any assets except with prior Tribunal approval when it considers such a direction necessary in the interest of the company, creditors, shareholders, or the public; this restriction applies during the inquiry under section 424B and during preparation or consideration of a scheme under section 424C to preserve the company's assets while revival processes proceed.
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